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Galina-37 [17]
3 years ago
12

During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows: June 3 Pur

chased goods for $4,100 from Diamond Inc. with terms 2/10, n/30. 5 Returned goods costing $1,100 to Diamond Inc. for credit on account. 6 Purchased goods from Club Corp. for $1,000 with terms 2/10, n/30. 11 Paid the balance owed to Diamond Inc. 22 Paid Club Corp. in full. Required: Prepare journal entries to record the transactions, assuming Ace records discounts using the gross method in a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Business
1 answer:
Alinara [238K]3 years ago
4 0

Answer and Explanation:

The journal entries are shown below:

On June 3

Merchandise Inventory $4,100

                   To Accounts payable $4,100

(Being the purchase of goods on credit is recorded)  

On Jun 5

Accounts payable $1,100  

         To Merchandise   Inventory  $1,100

(To record purchase returns)  

On June 6

Merchandise Inventory $1,000

     Accounts payable  $1,000

(Being the purchase of goods on credit is recorded)  

On June 11

Accounts payable ($4,100 - $1,100) $3,000

               To Cash  $2,960

               To  Inventory ($4,100 - $1,100) × 2%  $60

(Being the payment is recorded)  

On June 22

Accounts Payable $2,000     ($3,000 - $1,000)

    To Cash  $2,000

(Being the payment on account in full is paid)

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Sexton, Corp., has projected the following sales for the coming year: Q1 Q2 Q3 Q4 Sales $ 860 $ 940 $ 900 $ 1,000 Sales in the y
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Answer:

                                                   Q1               Q2             Q3            Q4

a. Payment of accounts ($)     258.00       282.00       270.00    300.00

b. Payment of accounts ($)     258.00       282.00       270.00    300.00

c. Payment of accounts ($)     258.00       282.00       270.00    300.00

Explanation:

Given:

                              Q1                Q2           Q3           Q4

Sales ($)               860              940         900         1,000

Therefore, we  have:

a. Calculate payments to suppliers assuming that the company places orders during each quarter equal to 30 percent of projected sales for the next quarter. Assume that the company pays immediately. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)

This is done as follows:

                                                 Q1                Q2           Q3            Q4

Order (30% of Sales) ($)      258.00       282.00       270.00    300.00

Payment of accounts ($)     258.00       282.00       270.00    300.00

b. Calculate payments to suppliers assuming a 90-day payables period. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)

A 90-day payables period implies that the payment has be made within the next 90 days or within one quarter or the same quarter. Therefore, we have:

                                                 Q1               Q2             Q3            Q4

Order (30% of Sales) ($)      258.00       282.00       270.00    300.00

Payment of accounts ($)     258.00       282.00       270.00    300.00

c. Calculate payments to suppliers assuming a 60-day payables period.

A 60-day payables period implies the payment for the Order in each of the quarters has to be made in the same quarter.

Therefore, we have:

                                                 Q1               Q2             Q3            Q4

Order (30% of Sales) ($)      258.00       282.00       270.00    300.00

Payment of accounts ($)     258.00       282.00       270.00    300.00

Note:

It can be observed that the answer look the same for all the questions.

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